企业社会责任对财务绩效的影响研究——以交通运输行业为例
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摘要
本文以交通运输行业企业社会责任履行对企业财务绩效的影响为立足点,采用利益相关者理论进行多维度社会责任指标划分,通过静态回归分析、动态滞后模型对2011-2016年期间在沪深证券交易所上市的37家交通运输行业公司进行实证研究并提出对策建议。研究结果表明:交通运输行业企业社会责任的履行及企业的成长性均对当期财务绩效指标存在明显的正向作用,而公司的规模对当期财务绩效有明显的负向影响。财务绩效将同时受到滞后一期及滞后两期企业社会责任的正向影响,且时间越长,当期社会责任对后期财务绩效的影响越弱。无论对于当期还是滞后期财务绩效指标,企业社会责任对会计指标均比市场指标有更为显著的正向作用。
Based on the impact of corporate social responsibility fulfillment on corporate financial performance in the transportation industry,this paper uses the stakeholder theory to divide the multi-dimensional social responsibility indicators to enrich further the research literature on the economic consequences of corporate social responsibility and to provide theoretical support and empirical evidence that enterprises should actively fulfill corporate social responsibility from the perspective of enterprise value.The purpose of this research is to conduct an empirical study on the relationship between corporate social responsibility and financial performance in the current and lag periods,and to consider the lag effect of industry specificity and social responsibility in the transportation industry at the same time. This paper intends to determine that there is a significant positive correlation between current corporate social responsibility and current financial performance.This paper proposes: H1: Corporate current social responsibility( CSR) is positively correlated with current financial performance( CFP); and H2: Corporate current social responsibility( CSR) is positively correlated with late financial performance( CFP). Considering the difference in the degree of financial performance of financial performance measured by accounting indicators and market indicators,the relationship between the two indicators is discussed. Furthermore,the lagging effect of social responsibility information affects the development of financial performance in different periods.It is also necessary to make assumptions about research in light of changes in time. This paper proposes: H3 a: Corporate current social responsibility( CSR) is positively correlated with financial performance as measured by current accounting indicators( AI). H3 b: Corporate current social responsibility( CSR) is positively correlated with financial performance as measured by current market indicators( MI). H4 a: Corporate current social responsibility( CSR) is positively correlated with financial performance measured by later accounting indicators( AI). H4 b: Corporate current social responsibility( CSR) is positively correlated with financial performance as measured by late market indicators( MI). The three hypotheses of H1,H3 a and H3 b involve regression analysis of static panel data,so panel data is established and regression analysis of state panel data model is performed. The three hypotheses of H2,H4 a and H4 b are all regression analysis of dynamic panel data,so the dynamic panel data model regression analysis---distribution lag model is established. The results show that both fulfillment of corporate social responsibility and growth in the transportation industry have obvious positive effects on current financial performance indicators,while the size of the company has a significant negative impact on current financial performance. The financial performance will be affected by both the lagged one and lagging corporate social responsibility at the same time,and the longer the social responsibility will be,the weaker the social responsibility will affect the latter part of financial performance. For both current and future financial performance indicators,corporate social responsibility has a more significant positive effect on the financial performance measured by the accounting indicators than the market indicators.
Based on the impact of corporate social responsibility fulfillment on corporate financial performance in the transportation industry,this paper uses the stakeholder theory to divide the multi-dimensional social responsibility indicators to enrich further the research literature on the economic consequences of corporate social responsibility and to provide theoretical support and empirical evidence that enterprises should actively fulfill corporate social responsibility from the perspective of enterprise value.The purpose of this research is to conduct an empirical study on the relationship between corporate social responsibility and financial performance in the current and lag periods,and to consider the lag effect of industry specificity and social responsibility in the transportation industry at the same time. This paper intends to determine that there is a significant positive correlation between current corporate social responsibility and current financial performance.This paper proposes: H1: Corporate current social responsibility( CSR) is positively correlated with current financial performance( CFP); and H2: Corporate current social responsibility( CSR) is positively correlated with late financial performance( CFP). Considering the difference in the degree of financial performance of financial performance measured by accounting indicators and market indicators,the relationship between the two indicators is discussed. Furthermore,the lagging effect of social responsibility information affects the development of financial performance in different periods.It is also necessary to make assumptions about research in light of changes in time. This paper proposes: H3 a: Corporate current social responsibility( CSR) is positively correlated with financial performance as measured by current accounting indicators( AI). H3 b: Corporate current social responsibility( CSR) is positively correlated with financial performance as measured by current market indicators( MI). H4 a: Corporate current social responsibility( CSR) is positively correlated with financial performance measured by later accounting indicators( AI). H4 b: Corporate current social responsibility( CSR) is positively correlated with financial performance as measured by late market indicators( MI). The three hypotheses of H1,H3 a and H3 b involve regression analysis of static panel data,so panel data is established and regression analysis of state panel data model is performed. The three hypotheses of H2,H4 a and H4 b are all regression analysis of dynamic panel data,so the dynamic panel data model regression analysis---distribution lag model is established. The results show that both fulfillment of corporate social responsibility and growth in the transportation industry have obvious positive effects on current financial performance indicators,while the size of the company has a significant negative impact on current financial performance. The financial performance will be affected by both the lagged one and lagging corporate social responsibility at the same time,and the longer the social responsibility will be,the weaker the social responsibility will affect the latter part of financial performance. For both current and future financial performance indicators,corporate social responsibility has a more significant positive effect on the financial performance measured by the accounting indicators than the market indicators.
引文
[1]齐丽云,魏婷婷.基于ISO26000的企业社会责任绩效评价模型研究[J].科研管理,2013,34(3):84-92.Liyun Qi,Tingting Wei. Research on enterprise social responsibility performance evaluation model based on ISO26000[J]. Science Research Managemen,2013,34(3):84-92.
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[5] Dolores Gallardo-Vázquez,M. Isabel Sanchez-Hernandez.Measuring corporate social responsibility for competitive success at a regional level[J]. Journal of Cleaner Production,2014,72(2),14-22.
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[9]张兆国,靳小翠,李庚秦.企业社会责任与财务绩效之间交互跨期影响实证研究[J].会计研究,2013(8):32-39+96.Zhaoguo Zhang,Xiaocui Jin,Gengqin Li. Empirical study on the interaction between corporate social responsibility and financial performance[J]. Accounting Research,2013(8):32-39+96.
[10] Akisik O,Gal G. The impact of corporate social responsibility and internal controls on stakeholders’view of the firm and financial performance[J]. Sustainability Accounting Management&Policy Journal,2017,08(3):45-51.
[11]朱乃平,朱丽,孔玉生,沈阳.技术创新投入、社会责任承担对财务绩效的协同影响研究[J].会计研究,2014(2):57-63+95.Naiping Zhu,Li Zhu,Yusheng Kong,Yang Shen. Research on the synergetic effect of the input of technological innovation and social responsibility on financial performance[J]. Accounting Research,2014(2):57-63+95.
[12]杨皖苏,杨善林.中国情境下企业社会责任与财务绩效关系的实证研究——基于大、中小型上市公司的对比分析[J].中国管理科学,2016,24(1):143-150.Wansu Yang,Shanlin Yang. An empirical study on the relationship between corporate social responsibility and financial performance in Chinese context-A comparative analysis of large and medium-sized listed companies[J]. Chinese Journal of Management Science,2016,24(1):143-150.
[13]嵇国平,阚云艳,吴武辉.企业社会责任对财务绩效的影响:一定是线性的吗?[J].经济问题,2016(10):92-97.Guoping Ji,Yunyan Kan,Wuhui Wu. The impact of corporate social responsibility on financial performance:Must it be linear?[J]. On Economic Problems,2016(10):92-97.
[14]曹兴,张伟,李笑冬,李文.尽责管理下跨国供应链企业社会责任对财务绩效影响的实证研究[J].系统工程,2016,34(10):68-75.Xing Cao,Wei Zhang,Xiaodong Li,Wen Li. An empirical study on the impact of CSR on financial performance under responsible management of transnational supply chain[J]. Systems Engineering,2016,34(10):68-75.
[15]卫武.基于“Meta分析”视角的企业社会绩效与企业财务绩效之间的关系研究[J].管理评论,2012,24(4):141-149.Wei Wu. Research on the relationship between corporate social performance and financial performance based on"metaanalysis"perspective[J]. Management Review,2012,24(4):141-149.
[16]陈一博.研发投入对企业财务绩效的影响研究——基于192家上市公司面板数据的实证分析[J].科技与经济,2013,26(2):61-65.Yibo Chen. Research on the impact of research and development investment on enterprise financial performance-An empirical analysis based on panel data of 192 listed companies[J]. Science&Technology and Economy,2013,26(2):61-65.
[17] Sun L,Yu T R. The impact of corporate social responsibility on employee performance and cost[J]. Review of Accounting&Finance,2015,14(3):262-284.
[18]匡海波等. 2015年交通运输行业企业社会责任发展报告[M].人民交通出版社,2016.Haibo K. Report on the development of corporate social responsibility in transportation and transportation industry in2015[M]. China Communications Press,2016.
[19]奉小斌.集群新创企业平行搜索对产品创新绩效的影响:管理者联系的调节作用[J].科研管理,2017(10):22-30.Xiaobin Feng. The impact of parallel search on product innovation performance in cluster start-ups:The moderating effect of management linkage[J]. Science Research Management,2017(10):22-30.
[20]杨一翁,孙国辉.战略视角下的公司品牌研究:一个量表的开发[J].中国管理科学,2013,21(S2):535-541.Yiwen Yang,Guohui Sun. Research oncorporate brand from strategic perspective:Development of a scale[J]. Chinese Journal of Management Science,2017,(10):22-30.
[21]李惠璠,罗海成,姚唐.企业形象对顾客态度忠诚与行为忠诚的影响模型——来自零售银行业的证据[J].管理评论,2012,24(6):88-97.Huifan Li,Haicheng Luo,Tang Yao. Impact of corporate identity on customer attitude,loyalty and behaviors loyalty-evidence from the retail banking industry[J]. Management Review,2012,24(6):88-97.
[22]孟斌,钮尓轩,匡海波,骆嘉琪.基于云模型的企业社会责任评价模型及应用[J].科研管理,2018,39(7):139-150.Bin Meng,Erxuan Niu,Haibo Kuang,Jiaqi Luo. Evaluation model and empirical research of CSR based on cloud model[J].Science Research Managemen,2018,39(7):139-150.
[2]刘怡君,陈思佳,黄远,马宁,王光辉,牛文元.重大生产安全事故的网络舆情传播分析及其政策建议——以“8·12天津港爆炸事故”为例[J].管理评论,2016,28(3):221-229.Yijun Liu,Sijia Chen,Yuan Huang,Ning Ma,Guanghui Wang,Wenyuan Niu. Analysis and policy suggestion on network public opinion spread of major production safety accidents-Taking"8·12 Tianjin Port explosion accident"as an example[J]. Management Review,2016,28(3):221-229.
[3]李立清.企业社会责任评价理论与实证研究:以湖南省为例[J].南方经济,2006(1):105-118.Liqing Li. Appraisal for firm’s society reponsebility:Case study[J]. Southern Economy,2006(1):105-118.
[4]李正,向锐.中国企业社会责任信息披露的内容界定、计量方法和现状研究[J].会计研究,2007(7):03-11+95.Zheng Li,Rui Xiang. Study on content definition,measure methods and status quo of information disclosure on communi-ty responsibility in Chinese enterprises[J]. Accounting Research,2007(7):03-11+95.
[5] Dolores Gallardo-Vázquez,M. Isabel Sanchez-Hernandez.Measuring corporate social responsibility for competitive success at a regional level[J]. Journal of Cleaner Production,2014,72(2),14-22.
[6] Robert J. Carroll,David M. Primo,Brian K. Richter. Using item response theory to improve measurement in strategic management research:An application to corporate social responsibility[J]. Strategic Management Journal,2016,37(1):66-85.
[7] Francisco António Delgado Ferraz,Dolores GallardoVázquez. Measurement tool to assess the relationship between corporate social responsibility,training practices and business performance[J]. Journal of Cleaner Production,2016,129:659-672.
[8]齐殿伟,诺敏,王玉姣.我国企业社会责任对财务绩效影响研究[J].经济纵横,2013(11):82-84.Dianwei Qi,Min Nuo,Yujiao Wang. Research on the impact of CSR on financial performance in China[J]. Economic Review,2013(11):82-84.
[9]张兆国,靳小翠,李庚秦.企业社会责任与财务绩效之间交互跨期影响实证研究[J].会计研究,2013(8):32-39+96.Zhaoguo Zhang,Xiaocui Jin,Gengqin Li. Empirical study on the interaction between corporate social responsibility and financial performance[J]. Accounting Research,2013(8):32-39+96.
[10] Akisik O,Gal G. The impact of corporate social responsibility and internal controls on stakeholders’view of the firm and financial performance[J]. Sustainability Accounting Management&Policy Journal,2017,08(3):45-51.
[11]朱乃平,朱丽,孔玉生,沈阳.技术创新投入、社会责任承担对财务绩效的协同影响研究[J].会计研究,2014(2):57-63+95.Naiping Zhu,Li Zhu,Yusheng Kong,Yang Shen. Research on the synergetic effect of the input of technological innovation and social responsibility on financial performance[J]. Accounting Research,2014(2):57-63+95.
[12]杨皖苏,杨善林.中国情境下企业社会责任与财务绩效关系的实证研究——基于大、中小型上市公司的对比分析[J].中国管理科学,2016,24(1):143-150.Wansu Yang,Shanlin Yang. An empirical study on the relationship between corporate social responsibility and financial performance in Chinese context-A comparative analysis of large and medium-sized listed companies[J]. Chinese Journal of Management Science,2016,24(1):143-150.
[13]嵇国平,阚云艳,吴武辉.企业社会责任对财务绩效的影响:一定是线性的吗?[J].经济问题,2016(10):92-97.Guoping Ji,Yunyan Kan,Wuhui Wu. The impact of corporate social responsibility on financial performance:Must it be linear?[J]. On Economic Problems,2016(10):92-97.
[14]曹兴,张伟,李笑冬,李文.尽责管理下跨国供应链企业社会责任对财务绩效影响的实证研究[J].系统工程,2016,34(10):68-75.Xing Cao,Wei Zhang,Xiaodong Li,Wen Li. An empirical study on the impact of CSR on financial performance under responsible management of transnational supply chain[J]. Systems Engineering,2016,34(10):68-75.
[15]卫武.基于“Meta分析”视角的企业社会绩效与企业财务绩效之间的关系研究[J].管理评论,2012,24(4):141-149.Wei Wu. Research on the relationship between corporate social performance and financial performance based on"metaanalysis"perspective[J]. Management Review,2012,24(4):141-149.
[16]陈一博.研发投入对企业财务绩效的影响研究——基于192家上市公司面板数据的实证分析[J].科技与经济,2013,26(2):61-65.Yibo Chen. Research on the impact of research and development investment on enterprise financial performance-An empirical analysis based on panel data of 192 listed companies[J]. Science&Technology and Economy,2013,26(2):61-65.
[17] Sun L,Yu T R. The impact of corporate social responsibility on employee performance and cost[J]. Review of Accounting&Finance,2015,14(3):262-284.
[18]匡海波等. 2015年交通运输行业企业社会责任发展报告[M].人民交通出版社,2016.Haibo K. Report on the development of corporate social responsibility in transportation and transportation industry in2015[M]. China Communications Press,2016.
[19]奉小斌.集群新创企业平行搜索对产品创新绩效的影响:管理者联系的调节作用[J].科研管理,2017(10):22-30.Xiaobin Feng. The impact of parallel search on product innovation performance in cluster start-ups:The moderating effect of management linkage[J]. Science Research Management,2017(10):22-30.
[20]杨一翁,孙国辉.战略视角下的公司品牌研究:一个量表的开发[J].中国管理科学,2013,21(S2):535-541.Yiwen Yang,Guohui Sun. Research oncorporate brand from strategic perspective:Development of a scale[J]. Chinese Journal of Management Science,2017,(10):22-30.
[21]李惠璠,罗海成,姚唐.企业形象对顾客态度忠诚与行为忠诚的影响模型——来自零售银行业的证据[J].管理评论,2012,24(6):88-97.Huifan Li,Haicheng Luo,Tang Yao. Impact of corporate identity on customer attitude,loyalty and behaviors loyalty-evidence from the retail banking industry[J]. Management Review,2012,24(6):88-97.
[22]孟斌,钮尓轩,匡海波,骆嘉琪.基于云模型的企业社会责任评价模型及应用[J].科研管理,2018,39(7):139-150.Bin Meng,Erxuan Niu,Haibo Kuang,Jiaqi Luo. Evaluation model and empirical research of CSR based on cloud model[J].Science Research Managemen,2018,39(7):139-150.
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